JPMorgan Chase & Co. Acquires 88,065 Shares of Sphere Entertainment Co. (NYSE:SPHR)

JPMorgan Chase & Co. boosted its position in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 140.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 150,955 shares of the company's stock after buying an additional 88,065 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.43% of Sphere Entertainment worth $6,669,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SPHR. Principal Financial Group Inc. acquired a new stake in Sphere Entertainment in the 3rd quarter valued at approximately $788,000. Tidal Investments LLC bought a new stake in shares of Sphere Entertainment in the third quarter valued at approximately $225,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sphere Entertainment in the third quarter worth $187,000. TCW Group Inc. bought a new position in Sphere Entertainment during the third quarter worth $538,000. Finally, Geode Capital Management LLC raised its stake in Sphere Entertainment by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 613,008 shares of the company's stock valued at $27,088,000 after purchasing an additional 7,434 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

SPHR has been the topic of several research analyst reports. Morgan Stanley decreased their price target on shares of Sphere Entertainment from $45.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Monday, November 11th. Macquarie decreased their target price on Sphere Entertainment from $47.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 13th. Wolfe Research raised Sphere Entertainment from a "peer perform" rating to an "outperform" rating and set a $60.00 price target for the company in a report on Wednesday, October 2nd. Finally, Guggenheim decreased their price objective on Sphere Entertainment from $49.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Sphere Entertainment has an average rating of "Hold" and a consensus price target of $47.75.

Sphere Entertainment Price Performance

Shares of SPHR traded down $0.45 during mid-day trading on Thursday, reaching $41.45. The company had a trading volume of 934,045 shares, compared to its average volume of 700,006. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $1.47 billion, a P/E ratio of -3.95 and a beta of 1.37. Sphere Entertainment Co. has a twelve month low of $29.70 and a twelve month high of $51.83. The company's 50-day moving average is $40.20 and its 200-day moving average is $42.33.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($2.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.32) by $0.37. Sphere Entertainment had a negative return on equity of 16.48% and a negative net margin of 32.76%. The firm had revenue of $227.90 million during the quarter, compared to analyst estimates of $229.86 million. During the same period in the prior year, the company posted $1.90 earnings per share. The business's revenue for the quarter was up 93.1% compared to the same quarter last year. On average, equities analysts anticipate that Sphere Entertainment Co. will post -11.47 EPS for the current year.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.